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07/27/2011
13.30 p.m.

H1 2011 Results

Net income: 97 million euro, +14%
Assets under administration: 46.7 billion euro, +9%



The Board of Directors of Mediolanum S.p.A. met today in Basiglio (MI) and approved the Group Interim Financial Statements as at June 30, 2011.

In line with the European Union plan to save Greece from default, Mediolanum has decided to proceed with an impairment of the Greek government bonds with maturities up to 2020, which are in the securities portfolio of Banca Mediolanum, and to a very small degree, of Mediolanum Vita. This impairment, determined using a recovery rate of 79%, produced a negative impact of 14.2 million on the income statement, without which, group net income would have been 111 million euro (+31%).

Notwithstanding the impairment, the CONSOLIDATED GROUP RESULTS in the first half of the year registered solid progress. In fact, even though there was a sharp 69% drop in performance fees (-48 million), the contribution from recurring revenues was substantial, with a 19% increase in management fees (+33 million) and a 48% increase in interest spread (+32 million).

As proof of the aforementioned:

With reference to the DOMESTIC MARKET the following results were achieved:

In greater detail, with reference to Banca Mediolanum:

Highlights in particular with respect to Banca Esperia:

With reference to the FOREIGN MARKETS:

In an effort to provide more complete disclosure about the results as at June 30, 2011, we have attached the segment report detailing income statement data, reclassified to reflect the criteria used by the Mediolanum Group. This reclassified segment report is not subject to audit by the independent auditors, who moreover, haven't yet finished the audit on a limited basis of the consolidated financial statements as at June 30, 2010.
The Officer responsible for preparing Mediolanum S.p.A accounting documents, Luigi Del Fabbro, declares that, in compliance with the requirements of the second paragraph of section 154 bis of the Consolidated Finance Act, the financial information contained herein reflects the accounting entries, records and books.
A presentation in English of the financial information contained herein will be available at the Italian Stock Exchange.
The Group Interim Financial Statements as at June 30, 2011 will be available according to the terms set by law at the company's Registered Office in Basiglio - Milano 3, Palazzo Meucci - Via F. Sforza, on the website http://www.mediolanum.com and at Borsa Italiana S.p.A.. The Independent Auditors' report will be published, in the same manner, as soon as it becomes available pursuant to current applicable regulations.

Attachments:


Basiglio - Milano 3 City, July 27, 2011


Contacts:
Media Relations
Roberto Scippa
Tel +39 02 9049 2902
Fax +39 02 9049 2345
e-mail: gmmedia@mediolanum.it

Investor Relations
Alessandra Lanzone
Tel +39 02 9049 2039
e-mail: investor.relations@mediolanum.it